Sotheby’s Asia auction sales achieve HK$3.82 billion / US$490 million leading all international auction houses in the region up nearly 50% on the same period last year.
Commenting on the exceptional half-year result, Kevin Ching, Chief Executive Officer of Sotheby’s Asia, said: "Fuelled by robust demand for art in Asia, Sotheby’s strong performance was driven by two factors: our ability to source the best and rarest properties from the world’s great collections as well as expertise in curating sales that appeal to discerning art lovers at all levels of the market by creating opportunities to experience the magic of collecting.
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Sotheby’s focus on offering appealing properties at the right estimates delivers the greatest value to our clients and drives the exceptional results that secure the Company’s leadership in this growing and competitive market."
AUCTION: Achieving Record Growth
For the first six months of 2014, Sotheby’s Asia auction sales achieved HK$3.82 billion / US$490 million1, a 47% increase on the same period last year and a season high total amongs t international auction houses in Asia.
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By GlobalDataIn the first six months of 2014 in Asia, Sotheby’s sold three works of art for more than HK$100 million. More than 20 world auction records were set, capped by the exceptional Meiyintang "Chicken Cup" which established a World Auction Record for Chinese Porcelain. Sotheby’s also achieved six of the top 10 artwork prices in the Asian auction market. Average sell-through rate remained strong at 91%.
Serving A Broadening Art Market
As the art market in Asia broadens, Sotheby’s rises to the occasion. In the first half of 2014, Sotheby’s sourced works from 46 countries and attracted participation by collectors from 56 countries. The Company continues to expand its client base, and 22% of all bidders are new to Sotheby’s.
Engaging Clients With New Categories
The pioneering Contemporary Literati sale in April achieved HK$52 million / US$6.7 million, doubling the sale total in Autumn 2013, with the addition of ink paintings, exquisite natural objects, bonsai and other items revered by collectors in the scholarly tradition.
Increased Asian Participation in Global Salesrooms
Catering to the broadening tastes of Asian collectors, Sotheby’s continues to showcase selected highli ghts from its major overseas auctions in Hong Kong, including Impressionist and Modern Art from New York, London and Paris, Contemporary Art from New York, Jewellery and Watches from New York and Geneva, as well as Old Master Paintings from London.
Asian clients’ participation, both as bidders and buyers, in Sotheby’s international salerooms, and the amount spent, continues to increase year on year.
MARKET-TRANSFORMING MULTI-CHANNEL BUSINESS MODEL
Sotheby’s continues its on-going role as an art market pioneer. In response to the rapidly evolving art market in Asia, the Company has successfully expanded its business in Asia beyond the traditional twice-annual series of auctions by introducing a multi-channel business model.
Mid-Season Sales Series
Sotheby’s carefully-curated mid-season auctions in May featuring leading categories from Chinese ceramics and works of art, snuff bottles to watches and wine have grown into a major series of events during the robust fine art season in Hong Kong’s calendar.
Since its debut in 2012, the Boundless: Contemporary Art sale has responded to the diversifying tastes of Asian collectors by bringing to the market quality works by renowned Western and Asian contemporary artists. The sale in June saw particularly strong interest in meticulously-selected Western contemporary works, which made up the majority of the top 10 works sold.
Sotheby’s Hong Kong Gallery Exhibitions
As an extension of its core auction business, Sotheby’s continues to engage new and existing clients through a year-round calendar of exhibitions – both selling and non-selling – at its Hong Kong Gallery. In the first half of 2014, Sotheby’s held seven exhibitions showcasing diverse genres of art to the collectors and art lovers in Asia, among which were the highly popular exhibitions entitled Gardens of Pleasure: Sex in Ancient China which attracted thousands of visitors, and Song Yige: Another Dimension where every work by the Beijing-based, post-80s-generation Contemporary artist found a buyer.
Eyes On China
Sotheby’s, as the first international fine arts business operating in China, remains highly focused on developing its presence in the country.
Following the success of its Beijing Art Week last December, Sotheby’s Beijing Spring Sale and Selling Exhibition 2014 attracted new Chinese bidders and buyers who responded enthusiastically to the rich, rewarding art experience involving a selling exhibition of works on paper by important 20th Century Modern masters, Masters on Paper – From Picasso to Sanyu, educational programmes and an auction of Modern and Contemporary Chinese Art.
The success of the event fully demonstrated Sotheby’s ability to contribute to Beijing’s growing standing as an international platform for art transactions and exchange.
